2024-01-20 04:14:56
Indian stocks rose in Saturday’s session, helped by a rebound in banking stocks following a fall in HDFC Bank earlier in the week, as investors await earnings reports from major private lenders, due later in the week. daytime.
The Nifty 50 rose 0.16% to 21,656.95, while the S&P BSE Sensex gained 0.14% to 71,781.64, at 9:31 am IST.
The stock market is trading in full session on Saturday and will remain closed on Monday due to a public holiday in the state of Maharashtra and because the central government is observing half-day work on the occasion of the temple inauguration of Ram in the city of Ayodhya.
The Nifty Bank index rose 0.7% on Saturday, following losing 5% in the last four sessions following the release of disappointing results by major private lender HDFC Bank.
HDFC Bank, an index heavyweight, rose 1% following falling more than 12% following its results release.
Digital payments firm Paytm climbed 1.5% following reporting an operating profit for the fifth consecutive quarter on the back of festive season sales.
The record close of the S&P 500 index on Wall Street also helped sentiment.
FMCG giant Hindustan Unilever, however, fell 2% following a smaller-than-expected profit increase due to weak rural demand and increased competition in the consumer goods sector.
IT stocks helped Mumbai benchmarks close higher on Friday, but not enough to avoid a weekly loss following a three-session decline led by HDFC Bank.
HDFC’s smaller rivals ICICI Bank and Kotak Mahindra Bank are expected to report results later in the day.
The stock market was previously scheduled to hold two special sessions on Saturday as exchanges sought to test a security system for transactions. (Reporting by Chris Thomas in Bengaluru; Editing by Sonia Cheema)
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